Penny co-owner could go private

Brookfield Asset Management has made an offer valued at $5.9 billion to take Brookfield Property Partners private by acquiring any shares in the company that it doesn't already control. Brookfield Property owns malls and other commercial properties. It also has equity stakes in J.C. Penney and other retail chains that are tenants in its facilities. “The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of BPY’s high-quality assets,” Brookfield Asset Management CFO Nick Goodman said in a statement.